On April 9, 2019, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $15.0 million of its common stock. Any repurchases under the program will be made from time to time on the open market at prevailing market prices. On April 1, 2021, the Board of Directors approved an extension and expansion of this stock repurchase program up to $25.0 million of its common shares, expiring April 9, 2023. On March 3, 2023, the Company’s Board of Directors approved a two-year extension of this stock repurchase plan. On April 9, 2024, the Board of Directors approved an additional expansion of this stock repurchase program to up to $55 million of the Company’s common shares. During the three and six months ended June 30, 2024, the Company has repurchased 1.0 million shares of its common stock for a total cost of $15.2 million.

Total estimated stock-based compensation expense for employees and non-employees, related to all of the Company’s stock-based awards, was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(in thousands)
Cost of revenue	$	159	$	162	$	290	$	337
Selling and marketing		375		410		862		900
Research and development		273		324		497		680
General and administrative		39		4,074		302		5,012
Total stock-based compensation	$	846	$	4,970	$	1,951	$	6,929

The following table presents the stock activity and the total number of shares available for grant as of June 30, 2024:


	(in thousands)
Balance at December 31, 2023		1,059
Options Cancelled		1
Restricted Stock Granted		(205	)
Restricted Stock Forfeited		19
Performance Shares Granted		(171	)
Balance at June 30, 2024		703


	Options Outstanding
	Number of Shares Underlying Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding at December 31, 2023		1,041,452		$	9.10		4.22	$	3,137,285
Options Granted		-			-
Options Exercised		(346,842	)		8.27
Options Forfeited		(824	)		60.87
Outstanding at June 30, 2024		693,786		$	9.45		4.85	$	4,060,476
Vested and expected to vest at June 30, 2024		695,434		$	9.53		4.85	$	4,060,476
Exercisable at June 30, 2024		693,421		$	9.49		4.85	$	4,060,476

Stock options are time-based and the majority are exercisable within 10 years of the date of grant, but only to the extent they have vested. The options generally vest as specified in the option agreements subject to acceleration in certain circumstances. In the event participants in the plan cease to be employed or engaged by the Company, all vested options would be forfeited if they are not exercised within 90 days. Forfeitures on option grants are estimated at 10% for non-executives and 0% for executives based on evaluation of historical and expected future turnover. Stock-based compensation expense was recorded net of estimated forfeitures, such that expense was recorded only for those stock-based awards expected to vest. The Company reviews this assumption periodically and will adjust it if it is not representative of future forfeiture data and trends within employee types (executive vs. non-executive).

Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The aggregate intrinsic value of options exercised was $2.3 million for the six months ended June 30, 2024.

The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted as of the grant date. There were no new options granted during the six months ended June 30, 2024. The total estimated fair value of employee options vested during the six months ended June 30, 2024 was $1.2 million. As of June 30, 2024, total unrecognized compensation cost related to non-vested stock options granted to employees was less than $0.1 million, which is expected to be recognized over a remaining weighted average vesting period of 0.5 years.


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock at December 31, 2023		764,942		$	14.76
Granted		205,268			17.05
Vested		(317,552	)		14.16
Shares forfeited		(19,236	)		10.47
Nonvested restricted stock at June 30, 2024		633,422		$	15.93

As of June 30, 2024, total unrecognized compensation costs related to the nonvested restricted stock awards was $9.1 million, which will be recognized over a remaining weighted average vesting period of 1.5 years.

As of June 30, 2024, the Company had 253,395 performance-based restricted share units outstanding. On April 1, 2024, the Company granted 171,393 PSUs to certain executives, of which 50% vest based on achievement of defined Company stock price appreciation over the period of April 1, 2024 through May 9, 2025, and 50% vest based on defined Adjusted EBITDA targets for the period commencing on the second fiscal quarter in 2024 through the first fiscal quarter of 2025. The awards granted on April 1, 2024 are also subject to three year service-based vesting periods with the ability to earn and vest into such units ranging from 0% to 200% of the granted PSUs. The remaining 82,002 PSUs outstanding were granted to executives on April 1, 2023 and 2022, and will vest over a three-year period from the respective grant dates based on (i) the amount by which revenue growth exceeds a defined baseline market growth each year and (ii) the achievement of specified tiers of Adjusted EBITDA as a percentage of net revenue each year, with the ability to earn and vest into such units ranging from 0% to 200% of the granted PSUs. As of June 30, 2024, achievement of the performance conditions associated with the outstanding 2024, 2023 and 2022 performance shares was deemed not probable.